Which of the Following Statements Is True Regarding Revaluation of Property,plant,and

question 34

Multiple Choice

Which of the following statements is true regarding revaluation of property,plant,and equipment to fair value?

• A)Only IFRS allows revaluation of property,plant,and equipment to fair value.
• B)Only U.S.GAAP allows revaluation of property,plant,and equipment to fair value.
• C)Both U.S.GAAP and IFRS allow revaluation of property,plant,and equipment to fair value.
• D)Neither U.S.GAAP nor IFRS allows revaluation of property,plant,and equipment to fair value.

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Definitions:

Subsidy Payments

Financial assistance granted by the government to individuals, organizations, or industries to support economic activities deemed beneficial for the public.

Great Depression

A severe worldwide economic downturn that took place during the 1930s, leading to high unemployment and significant economic distress.

Economic Nation

A collective term referring to a country or state and its economic activities, system, and performance.

United States Depression

A period of severe economic downturn and high unemployment in the United States, with the most famous being the Great Depression of the 1930s.